Close Finsbury Asset Management has launched an income share class on the Close Finsbury Continental European Equity Fund, which is expected to yield around 2.2%.
An initial offer period will run from 21 to 28 February with shares offered at an initial issue price of E1 each.
Charles Glasse and Christopher Garsten of 2CG are both investment advisers to the fund. The product primarily invests in large cap companies across
Stuart Alexander, head of distribution at Close Finsbury, said: “Historically, there have been many
Chris Garsten, investment adviser to the Close Finsbury Continental European Fund, added: “The introduction of the income share class gives investors the opportunity to capitalise on the opportunities available through corporate growth and little growth on P/E discounts. The fund has always produced a good yield, as a result of the companies we invest in; we are now freeing up this yield to make it available to investors.
“Since we become investment advisers to the fund in April 2002, the annual yield on the portfolio has ranged from between 2.2% to 3%. We anticipate the yield on the portfolio to increase, owing to increased shareholder activism in Europe forcing management change and a large number of hedge funds looking to invest money in Europe.”
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